Wire Transfer Fees Compared at Top Banks

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Update: See the most updated list of the wire transfer fees at the top banks in America.

A wire transfer is one of the quickest ways to send money to someone else. Many people turn to money transmitters like Western Union and MoneyGram to wire transfer money but depending on the type of transaction, banks may be able to provide the same service at a better deal.

Wire transfer fees at money transmitters may vary depending on several factors including the total amount transferred, method of payment, and delivery time. Banks, on the other hand, offer a flat fee for wire transfer services which means you may be able to save money, especially if you have a large amount to send.

Tip:Money transmitters, like Western Union and MoneyGram will most likely be the cheaper option for small transfers.

Here’s a chart of the wire transfer fees charged by the 10 biggest U.S. banks:

Fees Compared

Incoming wire transfers tend to be cheaper than outgoing ones, and the fee for domestic wire transfers is significantly lower than that of international. On average, wire transfer fees have increased slightly at the top 10 U.S. banks since the last year.

Currently at the 10 largest banks, the average fee for an incoming domestic wire was increased from $14.70 to $15, while outgoing domestic wire transfers stayed at $26.40 — unchanged from last year.

A couple of banks increased the amount they are charging for outgoing foreign wire transfers — bringing last year’s average of $45.50 up to $47.50. The average cost of incoming foreign wire transfers stayed constant at $17.50 per transfer.

Foreign Wire Transfers

Determining the cheaper way to wire transfer money domestically between banks and money transmitters is pretty straightforward.

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However, it is a bit more complicated when it comes to foreign wire transfers — despite implementing rules to make the process more transparent. Unlike banks, money transmitters may charge different fees for different countries. For this reason, you should first compare all the different options for sending money abroad.

It’s also important to note that banks and money transmitters will convert to foreign currency at a lower exchange rate, resulting in less money for the recipient.

What’s your preferred method of sending money? Leave a comment below!

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The transfer fees are relatively low, but the banks often make great money on the exchange rate they give you–Bank of America for example gives you a 10% lower FX rate than market. So, while a $5,000 wire costs $35, if you calculate the loss on the conversion into local currency, you are actually paying $500 (FX loss vs. market rate) + $35 transfer fee. Check the FX rates NOT just the transaction fees.

Theresa Kim

You’re definitely right. Transfer fees, although more apparent, should not be the only charge that one takes into consideration when deciding the cheapest method to wire money. To determine the best value, one must consider both the transfer fee and the exchange rate — as the hidden charges of the exchange rates can drastically impact the total currency delivered at the end of the transaction — especially with larger transactions. Thanks for your input!

Henrikkfaktiskt

So where is the comparison of the exchange rates?

Theresa Kim

Great question! Despite the misconception that the exchange rate offered must be constant at all financial institutions – this is not the case. Furthermore, it can be rather difficult to determine, as it fluctuates constantly.

As a result, many financial institutions made a bulk of their money from unassuming customers in the past. To prevent this unfair practice and to make the process more transparent, federal consumer protection regulations took effect in February 2013 to ensure more clarity in how the exchange rate is handled and presented to customers in the U.S. Although the exact rate applied in the transaction will be unknown until you have to perform a wire transfer, all the information will be presented to you before you complete the transaction.

Hope this helps! Thank you for the comment!

Henrikkfaktiskt

After some more google, tt seems Transferwise has managed to circumvent the big banks’ schemes. I’ll probably use them in the future…

Theresa Kim

Awesome! Let me know how it goes. You can find me on Twitter @TheresaMBT. Hope to hear back from you soon.

Does anyone know what HSBC charges to do outgoing international wires? I’ve been searching their online info for about 30 minutes and cannot find the exact fee. The account type would be a basic checking….not premier (due to the $100k balance requirement.) Transfers will be originating in the USA and going to China if that matters. Thanks.

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